Step 1: Find the mean (average) of the data set {4, 8, 6, 5, 3}. Add all the numbers together: 4 + 8 + 6 + 5 + 3 = 26. Then divide by the number of values (5): 26 / 5 = 5.2.
Step 2: Calculate the variance. For each number in the data set, subtract the mean (5.2) and square the result: (4-5.2)², (8-5.2)², (6-5.2)², (5-5.2)², (3-5.2)².
